Foreign Investors to Develop Iran’s Heavy Oil Fields

Source: Shana 12/18/2010, Location: Asia

‘Foreign oil companies are interested in development of iran’s heavy and extra heavy oil fields including 35 billion barrel reserves Ferdowsi oil field,’ the official in charge of heavy and extra heavy oil fields development at the Petroleum Engineering and Development Company said.

In an interview with Shana, Mr. Bahman Samimi Sedeh said based on the latest surveys iran’s recoverable heavy oil reserves stand at 60 billion barrels, of which 35 billion barrels are located at Ferdowsi oil field.

He stated that Petroleum Engineering and Development Company (MATN) is engaged in talks with investors and some companies bearing heavy oil fields development technology, achieving considerable progress.

‘Following disclosure of rising ferdowsi oil field reserves to 35 billion barrels, the foreign side continued talks more eagerly and new investors entered into talks with Petroleum Engineering and Development Company (MATN) to develop the field,’ the official continued. According to Samimi development of a huge oil field as Ferdowsi is not a matter could be ignored easily.

The project manager of heavy and extra heavy oil fields development at Petroleum engineering and development company reported of rising heavy oil reserves at oil fields located in south and east of Iran noting some layer of the Azadegan, Yadavaran, Bande Karkhe and even Azar and Changule oil fields contain heavy oil reserves.

‘Regarding Iran’s light oil reserves are being in the second half of their life span, hence development of the heavy oil fields is high on the agenda,’ Samimi said.

The official said that the NIOC aims to replace the annual falling oil production by 10 to 15 percent from current fields by rising output from heavy oil fields.


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